The Art Deco hotel that launched the revival of South Miami Beach in the 1980s has been sold.
Goldman Properties, the company founded 45 years ago by the late urban pioneer Tony Goldman, announced that its affiliate, Ocean Drive Associates, Ltd., has sold the iconic 125-room Park Central Hotel, an Ocean Drive landmark, to Park Central Partners, LLC.
Park Central Partners, LLC, is an entity led by Houston developer/hotelier Giorgio Borlenghi, Rodolfo Misitano, CEO of European fund Optimum USA Property I, and local businessman Ricardo Tabet. The Goldman family said the new owners plan to maintain the hotel.
The financial terms of the transaction, which closed on July 11, 2013, were not disclosed, but county records show combined sales of the hotel and surrounding property topped US$39 million, according to the Miami Herald.
“The sale of the Park Central is poignant for us. It was the first piece of the mosaic that Tony assembled on South Beach,” the Goldman family said in a statement. “The Park Central was, and always will be, a part of our DNA. Its employees – many of whom have worked there for more than 20 years – are like family to us. The Park Central is part of the fabric of Ocean Drive history and will continue to set the standard for Art Deco authenticity and South Beach hospitality. We are confident that the new ownership group will be faithful to its history and honor Tony’s legacy.
“Goldman Properties remains totally committed to South Beach and heavily invested here. The sale of the Park Central is part of our natural evolution and allows us the flexibility to focus our attention and energies on exciting new projects.”
Goldman Properties continues to own The Hotel, a few blocks away from The Park Central on South Beach.